UK real estate developer, asset manager and investor Firethorn Trust has acquired a PBSA development site in Hackney Wick, London.
The price was not revealed but market sources put it close to £75 mln (€89 mln).
The site, which is part of Firethorn's growing Living platform, has planning approval for a 204-bed student accommodation building.
The development will include affordable housing options, with 35% of the beds designated as affordable. The student accommodation will feature modern amenities such as study spaces, common areas, and a rooftop terrace.
Marcus Weeks, director and head of Living at Firethorn Trust, commented: ‘This acquisition reflects our ambition to create modern, sustainable living spaces in prime university locations across the UK. We are pleased to be playing our part in addressing the significant supply and demand imbalance for high-quality, affordable student housing in London, and look forward to working closely with local stakeholders to deliver a best-in-class development that will make a positive impact on both students and the neighbouring community.’
In keeping with London's urban development plans, 51% of the Hackney Wick accommodation, including affordable rooms, will be allocated to a partner university. The remaining beds will be available for direct rental to students.
Beyond student housing, the development will also include approximately 1,400 m2 of affordable workspace and incubator space.
This project marks the second student accommodation development within the Firethorn Living portfolio. Earlier this year, the company acquired a 230-bed PBSA site in Leith Walk, Edinburgh.
Situated on the grounds of a former piano factory, the Hackney Wick development will pay homage to its industrial heritage by preserving and incorporating the historic brick chimney.
The development is close to Queen Elizabeth Olympic Park and major universities, such as University Arts London and UCL East. The neighbourhood offers a variety of dining and entertainment options, while Westfield Stratford shopping centre is close by.
Construction is anticipated to begin in 2025, with completion scheduled for the 2027/28 academic year.
